MOSCOW, June 5. /TASS/. Ukraine has signed an agreement with Japan stipulating that it receive $3 billion under the Extraordinary Revenue Acceleration (ERA) emergency loan program, Prime Minister Denis Shmygal said on Telegram channel.
"Ukraine and Japanese agency JICA have signed an agreement that will make it possible to receive $3 billion through the ERA initiative. The funds will be repaid using revenues generated from frozen Russian assets," he wrote.
"The money will be used for the most-needed budget expenditures, for developing the economy and making Ukraine stronger."
Shmygal noted that Ukraine has already received a total of $14.7 billion as part of the ERA program.
Last October, the Group of Seven countries agreed to provide Ukraine with a $50 billion loan. It will be serviced from future revenues from Russia's frozen sovereign assets within the framework of the legal systems of the G7 countries and international law. It was reported that the United States has committed to allocate $20 billion to Ukraine, while the remaining $30 billion will be allocated jointly by the G7 and the EU. In early December, Ukraine and the EU signed an agreement on the creation of a credit cooperation mechanism for Ukraine to define a framework for servicing and repaying European loans to Kiev using proceeds from frozen Russian assets. The mechanism allows using these revenues to cover the principal of the loan raised from Kiev's partners under the G7 ERA initiative.
The European Union, Canada, the United States and Japan froze $300 billion worth of Russian assets after the start of the special military operation. Of these, $5-6 billion are located in the United States, while the bulk of them are in Europe, including $210 billion at the Euroclear international site in Belgium. Russian Foreign Ministry Spokeswoman Maria Zakharova warned that Russia would respond harshly if the proceeds from Russian assets were transferred to Ukraine.